Real Estate in the News
Today we put on our news anchor hats, shuffled our papers on the desk, and dove into what's actually happening in the real estate industry — and what the public is hearing about it.
Fair warning: this episode airing on December 18 also doubles as a gentle reminder to turn off the news for the holidays.
Here's what we cover in this episode:
- The greatest hits of real estate doom and gloom headlines — from the 1880s, 1929, the 1940s, 1970s, and 1980 — because mortgage rates "hitting record highs" and "prices beginning to collapse" is not a new headline
- The headline from November 8, 2023 that said "mortgage rates plunge" — and what actually happened
- Why consumers read the headlines but don't click the article — and how that affects what they think is happening
- How to answer the "how's the market?" question from relatives at Thanksgiving like a professional instead of a worry-wart
- Why being connected to your lender is the best way to stay current on financial news
- The importance of knowing your local market stats vs. national headlines
- Google Trends for real estate in November 2023: "what does contingent mean in real estate" was up 120%, and "real estate agent commission" and "real estate commission lawsuit" were breakout searches
- A Sitzer Burnett verdict update: NAR and the defendants lost, the award was $1.8 billion (to be trebled to $5.4 billion), spread across 500,000 homeowners — about $7,500 per person
- What came after the verdict: copycat lawsuits, the NAR CEO going into early retirement, a new interim CEO from the Chicago Sun-Times, and Tracy Casper as NAR president
- The Batton II lawsuit — what it is, which 35 states it covers (Louisiana is notably not one of them), why it matters, and why the scope is exponentially larger than Sitzer Burnett
- What "indirect purchaser states" means and why some states aren't included
- More lawsuits filed the day the verdict came down — against the big brokerages not included in the first case
- Why we are not a news outlet and won't be doing minute-by-minute updates — but why you need to know enough to speak confidently with clients
- Why the most important thing you can do is continue to show your value and operate professionally
- The human brain's capacity to carry all the world's news at once — and why sometimes you just have to zoom out
- The actor strike analogy: Realtors know what's happening in their industry; most people outside of it don't, and that's okay
- Why Katy turned off the news in 2020 and let Jay be her filter
- With an election year coming — this is a great time to protect your peace
- The buyer brokerage agreement cover letter: hustlehumblypodcast.com/bba
Free resource: Buyer Brokerage Agreement Cover Letter — hustlehumblypodcast.com/bba
Toast of the week goes to Stevie Earls in Hoover, Alabama, toasted by mentor Layton Horlock. Stevie has become such a great agent in her first year that she's even taught Layton things and made her a better agent and person. Cheers to Stevie!
Want to toast someone on the show? Email team@hustlehumblypodcast.com.
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Music:
Straight A's by Connor Price → https://connorprice.shop/
The Good Life by Summer Kennedy → https://soundcloud.com/summerkennedy/the-good-life
Be The One by Matrika → https://uppbeat.io/t/matrika/be-the-one
